Coinbase Holds The Line

Representatives of Coinbase told Senate offices this week that the exchange couldn’t support the latest version of the legislation due to significant concerns about “stable yield language,” according to Punchbowl News. 

This marks the second time CEO Brian Armstrong has withdrawn support, famously stating in January that “we’d rather have no bill than a bad bill.”

The bill bans crypto platforms from paying users to hold stablecoins, similar to how banks pay interest on savings accounts. 

Coinbase earns substantial revenue by holding customer stablecoins and collecting the interest generated from backing assets like U.S. Treasuries. The legislation would…

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